Yahoo Japan Corporation FY2019-1Q Business Results

August 2, 2019

Security code: 4689 Disclaimer

Statements made at the meeting or included in the documents that are not historical facts are forward-looking statements about the future performance of Yahoo Japan Corporation (Company, Yahoo! JAPAN) and its consolidated subsidiaries and affiliates. The Company cautions you that a number of important factors could cause actual results to differ materially from those discussed in the forward-looking statements. Such factors include, but are not limited to, the items mentioned in “Risk Factors” in “Results for the Fiscal Year Ended March 31, 2019.” Unauthorized use of the information or the data in this document is not permitted.

Unless otherwise specified, English-language documents are prepared solely for the convenience of non-Japanese speakers. If there is any inconsistency between the English-language documents and the Japanese-language documents, the Japanese-language documents will prevail. Table of Contents

1 FY2019-1Q Financial Results

2 Summary of Business Segments

3 Strategic Measures

4 Appendix

1 FY2019-1Q Financial Results

2 FY2019-1Q Consolidated Income Statement

Item FY2018-1Q FY2019-1Q YoY Revenue 231.8 (¥B) 238.6 (¥B) +2.9 % Operating income 47.5 (¥B) 36.1 (¥B) -24.0 % EBITDA *1 60.0 (¥B) 54.0 (¥B) -10.0 % Other non-operating income and expenses*2 0.6 (¥B) 11.0 (¥B) +1,510.8 % Equity in earnings of associates and joint venture*3 0.2 (¥B) -5.9 (¥B) -2,930.5 % Net income 32.6 (¥B) 27.8 (¥B) -14.7 % Net income attributable to owners of the parent 32.6 (¥B) 27.3 (¥B) -16.2 % Diluted EPS ¥ 5.74 ¥ 5.40 -5.9 %

*1 Change in EBITDA is mainly due to application of IFRS 16, Leases *2 Gain on change in equity interest in PayPay Corporation (¥10.8 B) is recorded in other non-operating income and expenses *3 Mainly due to PayPay Corporation 3 FY2019-1Q Factors of Change in Consolidated Operating Income

Decrease in income for 1Q is as expected due to one-time gain recorded in FY2018-1Q

Item Amount (¥B) Major factors (¥B) FY2018-1Q Result 47.5 Revenue +6.7 ASKUL+2.1; Advertising revenue +1.8 Cost of sales -0.8

SG&A (major items only↓) -9.3 Increase in depreciation expense of right-of-use assets due to application of Depreciation and amortization -5.6 IFRS 16 (rental expense decreased instead) Increase in software, servers, etc. YoY Promotional cost for Yahoo! JAPAN app, point rewards for Commerce Business, Sales promotion cost -2.8 difference point rewards for acquiring credit card membership Personnel expenses -1.0 Hired approx. 450 new recruits (70% engineers) Content provider fees -0.8 Business commissions -0.6 Advertising and promotional expenses -0.5 Other revenue & expenses -7.9 One-time gain: Gain in sale of IDC Frontier 7.9 (FY2018-1Q) FY2019-1Q Result 36.1

4 Business Base

Each business base (commerce, media, financial & payment) expanding steadily

EC transaction value No. of monthly logged-in user IDs Credit card transaction value

(¥ B) (Mil IDs) (¥ B)

700 More than 2X since 60 16 consecutive quarters of 450 More than 4X in new EC strategy* YoY double digit growth 400 3 years 600 50 350 500 40 300

400 250 30 300 200 20 150 200 100 100 10 50

0 0 0 Q 1 2 3 4 1 2 3 4 1 2 3 4 1 Q 1 2 3 4 1 2 3 4 1 2 3 4 1 Q 1 2 3 4 1 2 3 4 1 2 3 4 1

FY16 FY17 FY18 FY19 FY16 FY17 FY18 FY19 FY16 FY17 FY18 FY19

*Began in October 2013 5 FY2019 Full Year Guidance (Consolidated Basis) Steady progress - no change in guidance

Item FY2019 (estimate) YoY Progress

Revenue Over ¥1 T +5 to 7 % 24 %

Operating income ¥ 140.6 to 150.0 B ±0 to +7 % 24 to 26 %

Net income attributable ¥ 79.0 to 85.0 B ±0 to +8 % 33 to 35 % to owners of the parent

Diluted EPS ¥ 14.8 to 15.9 ±0 to +8 % 34 to 36 %

Dividend per share ¥ 8.86 Same n.a.

6 Summary of Business Segments

7 Revenue Growth Image by Segments Commerce Business is the key strategic driver for a dramatic growth and Data solution earnings diversification Fintech New fields to pioneer

E-commerce (excl. ASKUL Group)

Integrated marketing solution, Commerce shopping advertising business Media Paid search advertising, business display advertising (excl. shopping advertising)

8 Commerce Business

9 FY2019-1Q Commerce Business – Uses

Membership Commerce Business base

Finance growing steadily O2O

Item Details

2 Credit card transaction value exceeded Payment ¥400 B, +49% YoY

2 Payment Shopping transaction value Base 1 E-commerce maintained high YoY growth of +17% 1 E-commerce

10 FY2019-1Q Commerce Business – KPI

Item Actual result YoY Measures / Factors of change

EC transaction value 584.0 (¥B) +8.8 %

EC transaction value 475.6 (¥B) +5.4 % (Sale of goods)

Yahoo! Shopping grew approx. +20% Negative 6% growth in LOHACO Shopping transaction value 204.0 (¥B) +16.5 % (including LOHACO store in Yahoo! Shopping)

YAHUOKU! transaction value 200.4 (¥B) +0.7 %

EC transaction value Travel (O2O) grew over +30% 108.4 (¥B) +27.0 % (Non-sale of goods) Dining reservation also grew over +20%

Grew due to linkage with PayPay, sales Credit card transaction value 423.5 (¥B) +48.8 % promotional activities

11 New Service: PayPay Mall

To be launched in Fall 2019 NEW Mall Premium shopping mall

Items of PayPay Features Mall will be displayed in both 1. Only for stores that meet our criteria websites 2. UI/UX that is optimized for each product category 3. Return/exchange allowed

* Illustrative purpose only (Within 14 days from receiving product) Photo: Aflo 4. Inventory linked with brick and mortar stores Shopping 5. Also linked to Yahoo! Shopping PayPay Mall listing fee 3% Note: “PayPay” is a registered trademark of Yahoo Japan Corporation. 12 New Service: PayPay Flea Market

To be launched in Fall 2019 Smartphone app that focuses on NEW simple buy and sell

Flea Market Features 1. Specializes in flea market 2. Linked with YAHUOKU!

Sales commission TBA Note: “PayPay” is a registered trademark of Yahoo Japan Corporation. 13 FY2019 Full Year Commerce Business – Targets Aim for double-digit growth for EC transaction value (sale of goods) leveraging new services: PayPay Mall, PayPay Flea Market, etc.

Item Target (YoY)

EC transaction value +Double-digit % (sale of goods)

Shopping transaction value +20 %

YAHUOKU! transaction value +Mid-single digit %

14 Media Business

15 FY2019-1Q Media Business – Uses

Display Paid search advertising advertising Media’s user base steadily YDN, etc. Premium growing mainly in smartphones

Brand Panel Item Details YDN

Prime 2 Display Time spent by Premium Shopping +19% YoY growth DSP Advertising logged-in users via smartphones

1 YoY growth 2 Time spent by logged-in users +11% Base Number of 16 consecutive quarters monthly logged- 1 Number of monthly logged-in user IDs in user IDs of double digit growth

16 FY2019-1Q Total Advertising Revenue - Results

Item Actual result YoY Measures / Factors of change

Total advertising revenue 78.2 (¥B) +2.4 %

While CTR improved with a new measure (change in QuickLink Option displays), low-single digit revenue growth because: • Effect of last year’s UI measures wore out Paid search advertising 40.1 (¥B) +1.6 % • PC and tablets decreased more than expected • One-time opportunity loss (no monetization for some queries), etc.

Display advertising 38.0 (¥B) +3.1 %

Negative YoY growth (¥1.4 B decrease) impacted by: • Decrease in non-YJ* revenue due to measures against ad frauds YDN, etc. 24.8 (¥B) -6.1 % • Decrease in unit price of smartphone web ads as a result of anti- tracking

Premium advertising +26.9 % Growth in shopping ads, etc. (incl. shopping ads) 13.1 (¥B)

* Non-Yahoo Japan Corporation ad distribution partners 17 Impact of Anti-Tracking

Background Impact on our total advertising revenue

Anti-tracking intensifying FY2018 Total advertising revenue due to rise in awareness Approx. ¥325 billion towards privacy protection Paid search advertising Approx. ¥165 B

▶ Decrease in retargeting ads YDN, etc. Approx. ¥110 B

▶ Difficult to measure ad Large Web impact effects correctly Smartphone App PC Lower unit price of smartphone web ads Premium Advertising Approx. ¥50 B

18 Short-Term Measures to Increase Advertising Revenue

1 Raise log-in ratio and promote 3 Integrate ad platform to maximize targeting based on Yahoo! ID ad effect

Now Around fall 2019 (plan)

Segmented products Integrate into 2 Focus in three areas that have Yahoo! Ads room for growth Guarantee Premium advertising -based

YDN Guarantee-based AD AD AD APP Performance Premium DSP -based Performance-based Others Video App Dynamic Insufficient use of data Provide distribution functions ads ads ads* across products that meet purpose of advertisers

Increasingly convenient • Products such as “dynamic display ad” that can automatically personalize Complicated ad management ad creatives according to user behavior history ad management tools 19 Mid- to Long-Term Measures to Increase Marketing Revenue Create new monetizing models & multiple earnings bases Integrated Marketing Solution O2O Online commerce ads Comprehensive service that uses Test marketing For stores of Yahoo Japan PayPay to encompass underway Group’s EC services user attraction, payment and CRM

Focus: Increase transaction value Monetization planned to being in Offline commerce ads FY2019-4Q Release β ver. in fall Mainly for Mainly for merchants Planned: manufacturers PayPay coupon & sampling solution with major drug stores and Focus: Focus: Expand product sales Reservation & convenience stores traffic referral, etc. 20 FY2019 Full Year Media Business – Targets Current full year outlook: low-single digit YoY growth New measures will be added to achieve initial target

Item Target (YoY)

Total advertising revenue +Mid-single digit to double digit %

Paid search advertising +High-single digit %

Display advertising +Mid-single digit to high-single digit %

21 Strategic Measures

22 PayPay

23 PayPay – KPI

Business base for smartphone payment –steadily growing

No. of registered users No. of merchants No. of payments Name awareness

▶1st ¥10B ▶2nd ¥10B Exceeded 9.5 mil Campaign Campaign in August 1Q 1Q Company A Company B Company C 4Q

4Q 3Q 3Q Source: Survey by 3Q 4Q 1Q 3Q 4Q 1Q PayPay Corporation Cumulative Cumulative Cumulative Cumulative Cumulative Cumulative

As of end of June As of end of June As of end of June Maintaining (cumulative) (cumulative) (cumulative) No.1 8.44 mil 0.7 mil 74.09 mil after start of campaign

24 PayPay – Recap of Second Campaign Campaign resulted in a large increase in the number of PayPay payments

1st ¥10 B campaign 2nd ¥10 B campaign

25 PayPay - Measures Payment and bonus provision in both offline and online worlds

Offline Online

FY18 result Yahoo! Shopping PayPay ¥700B bonus equivalent Fixed-term T Points payment possible To be changed to PayPay Money Lite PayPay Bonus PayPay Bonus Lite PayPay Bonus Lite (Aug. 2019 - )

YAHUOKU! Payment Payment From June, can be used in Yahoo! JAPAN EC services Sales proceeds

Can be topped up to • PayPay Money Lite: Balance topped-up from bank accounts, etc., and from sales proceeds of YAHUOKU! PayPay balance No expiry. Balance transfer feature and bill-splitting feature available. Cannot be cashed. (Jun. 2019 - ) • PayPay Bonus: Balance presented as bonus and from campaigns, etc. No expiry. • PayPay Bonus Lite: Balance presented as bonus and from campaigns, etc. with short expiry. Expires in 60 days from provision. 26 PayPay’s Potential

Comparison of cashless payments Advantages of PayPay

Credit cards Transportation IC Smartphone payment Short term Mid-long term

• Payment commission • Cheap payment • Marketing *Free until end of Sep. 2021 for • High payment • High payment commission user scan payment • Use of data commission commission Merchants Merchants • Store device • Financial advice from • Store device • Store device • Can retrieve sales unnecessary PayPay necessary necessary proceeds quickly *For user scan payment •Excellent user experience Receive PayPay •Convenience of Can be used in Can be used in Will be available in Users Users few mom and few mom and many mom and pop Bonus super app pop stores pop stores stores *App that can make all sorts of payment-related actions in daily life convenient

27 Change in Capital Structure

28 Consolidation by SoftBank Corp.

To achieve further growth and improve corporate value

Until June 26, 2019 From June 27, 2019

AI AI SoftBank Group Corp. SoftBank Group Corp. (SoftBank Group Japan Corporation) (SoftBank Group Japan Corporation) 66% 36% 66%

SoftBank Corp. SoftBank Yahoo Japan 45% Corp. Corporation 12% Yahoo Japan Corporation (From Oct. 1, Corporation)

29 Under the New Structure, We Aspire to Be: World’s largest “information communications group” to create a future that can’t be rivaled

Wide array of Internet services Communication (5G) /Smartphone/Robot/IoT, etc.

IoT

© SoftBank Robotics

A total of 100 million+ user base & big data

30 Synergies with SoftBank

Synergies created Future synergies

Digital Corporate marketing sales power users subscribers products

Collaborative measures for & Collaborative measures Premium members, in digital marketing E-commerce benefits

EC transaction value Ad revenue

31 Yahoo Japan Corporation Aspires to:

Make our users’ lives convenient to a surprising (!) extent through Yahoo! JAPAN services

Online world Even more convenient

Offline world New entry

32 Appendix

33 FY2019-1Q Statement of Financial Position

Consolidated (IFRS) The Japan Net Bank, Limited (JGAAP) YJ Card Corporation (JGAAP)

FY2018 FY2019 FY2018 FY2019 FY2018 FY2019 (¥ B) Difference (¥ B) Difference (¥ B) Difference 4Q 1Q 4Q 1Q 4Q 1Q Assets 2,429.6 2,586.4 156.8 Assets 878.7 892.5 13.8 Assets 353.0 487.0 134.0 Cash and cash Cash and cash Cash and cash 249.5 227.0 -22.4 30.0 124.6 94.5 equivalents 546.7 565.1 18.3 equivalents equivalents Trade and other Trade and other Trade and other - 22.6 25.6 2.9 12.6 26.6 14.1 receivables 328.2 323.9 4.3 receivables receivables Loans for credit Loans for credit - - - Loans for credit card business 253.3 271.1 17.8 card business card business 252.5 269.6 17.0 Investment Investment Investment securities for 419.5 418.4 -1.0 securities for 419.5 418.4 -1.0 securities for - - - banking business banking business banking business Property and - Property and Property and - equipment 133.8 124.6 9.2 equipment 0.5 0.6 0.1 equipment 5.7 5.4 0.2

Intangible assets 165.2 172.9 7.6 Intangible assets 6.1 6.0 -0.0 Intangible assets 20.4 24.9 4.5

Liabilities 1,519.0 1,770.9 251.8 Liabilities 823.4 836.9 13.5 Liabilities 326.0 459.4 133.3 Trade and other Trade and other Trade and other payables 394.5 396.9 2.3 payables 15.3 17.4 2.1 payables 166.6 195.2 28.5 Deposit for Deposit for Deposit for - - - banking business 768.6 802.2 33.6 banking business 803.8 815.0 11.1 banking business Interest-bearing Interest-bearing - - - Interest-bearing liabilities 215.2 454.5 239.3 liabilities liabilities 144.8 250.8 105.9 Equity 910.5 815.4 -95.0 Equity 55.2 55.5 0.3 Equity 26.9 27.6 0.7

Note: Figures before internal transactions within the Note: Figures before internal transactions within the Group are eliminated. Group are eliminated. 34 Image of Our Long-Term Revenue Composition

We will continue to grow while drastically changing our revenue composition to meet the changes in the business environment

Data solution

Fintech

E-commerce (excl. ASKUL Group)

Integrated marketing solution, shopping advertising

Paid search advertising, display advertising (excl. shopping advertising)

FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 ・・・・・・Future

35 Operating Income – Long-Term Outlook

 Businesses to be strengthened (Shopping advertising, Integrated marketing FY19 ー FY22 solution, Financial & Payment, Membership, YAHUOKU!)  Advertising income – base (Paid search advertising, display advertising) By investing in measures to expand users and EC transaction value and FY23 startup of new businesses, etc., achieve ¥225.0 B ▶ Double-digit revenue growth Record high

FY18 ¥140.5 B Businesses to be strengthened will be Maintain the growth driver to FY23 – Future over ¥140 B expand income income level By monetizing users’ active economic FY18 FY19 FY20 FY21 FY22 FY23 … … … … Future actions Results Period for structural reform Next development stage ▶ Bring income to an expansionary phase Note: Other business and adjustments are prorated to businesses to be strengthened and advertising income – base, according to their composition ratio. 36 Materiality Matrix for Yahoo Japan Corporation

The numbers and colors in the matrix 11 17 coincide with the SDG icons. Solving social Corporate 9 Issues with governance IT Data 4 Quality Education security 11 17

Disaster measures/ 5 8 9 Recovery support Gender Equality Level of stakeholder concern Health & 5 10 safety Network ◆Diversity/inclusion management reliability 6 Clean Water and Sanitation 8 9 4 Rewarding データ利活用Contribution workplace Using data 8 Decent Work and Economic Growth 9 Supporting による貢献 13 the future ◆Improving media literacy generation Response Risk to climate management 9 Industry, Innovation and Infrastructure change 12 Sustainable 9 Production/ 10 Reduced Inequalities consumption ◆Correct AI use 11 9 ◆Relationship with local community ◆Sound advertising market 11 Sustainable Cities and Communities 10 4 9 ◆Accessibility ◆Illegal/harmful content 12 13 Responsible Production and Consumption ◆Pollution/waste 13 14 16 13 Climate Action ◆Bio-diversity ◆Fair competition

14 ◆Anti-corruption Life Below Water 6 ◆Water/land use 16 Peace, Justice and Strong Institutions Importance to Yahoo! JAPAN

*Big circles are especially important to the stakeholders and Yahoo Japan Corporation, and need to be dealt with focus. 17 Partnerships for the Goals 37 Yahoo! JAPAN Service ヤフーのサービスマップMap

Media Commerce Digital Contents

ebookjapan Shopping Fortune telling Game TOP page Weather/Disaster News Finance (Digital books)

Auction Sports navi GYAO! O2O Knowledge search (Sports news site) (Video streaming) ASKUL Real Travel Restaurant (B to B EC) estate booking reservation

Retty (Restaurant information) kurashiru (Recipe video service) LOHACO Ikyu.com OYO LIFE Ikyu.com (B to C EC) (Restaurant)

Local Information Search Finance/Payment/Fintech PayPay Credit card Online wallet TaoTao Transit information Map Search Real-time search (SmartphoneoT payment) (Cryptocurrency trading) YJFX Japan Net Bank Car navigation Vocal assistant Blockchain (FX) (Internet banking)

Yahoo! JAPAN No. of monthly logged-in user IDs: 49.01mil Customer Base Yahoo! Premium member IDs: 21.90mil

B to B Data/AI PIM CSR

Sponsored Yahoo! Display Scoring Internet Premium Research Crowdsourcing (Data e-Mail Calendar Kids search Ad Network solution) service fund raising

38 Business Segment Breakdown

Paid search advertising “Sponsored Search”, Advertising Display advertising (“Yahoo! Display Ad Network (YDN)”, “Premium Advertising”) Media Business Business Services Media-related services, CRM-related services and others

Personal Services Video-related services and others

Advertising Display advertising (“Premium Advertising”) ASKUL, Affiliate-related services, Reservation-related services, Corporate system-use fees of Business Services YAHUOKU!, Payment-related services, Banking-related services, Credit card-related services and Commerce others, Yahoo! Real Estate, Real estate-related services Business LOHACO, Yahoo! Premium, Personal system-use fees of YAHUOKU!, Credit card-related services, Personal Services Pet supplies-related services, Telecommunications carrier-related services, Banking-related services, E-book-related services, FX-related service and others, Payment-related services Others Banking-related services

Advertising Display advertising (“Premium Advertising”)

Others Business Services Utilities payment-related service and others

Personal Services Yahoo! Mail, Yahoo! Address Book, Utilities payment-related service and others

Note: The contracts of business services are concluded with corporations; the contracts of personal services are concluded with individual users. The same product may be classified in different segments depending on the contractor. 39 Advertising Products

Advertising Products Main Format Fee Calculation Placement Pages Main Advertiser Base

Paid search Search results Sponsored Search® Text advertising pages Per-click rate Major corporations (Performance-based) *2 Text Yahoo! Display Ad Banner Small and medium-sized Network companies (YDN) *1 Per-view rate YDN and Video others (Performance-based) *2 Top page *1 Per-impression page Yahoo! Premium Interior pages of Banner view rate DSP service sites *1 (Performance-based) *2 Display Brand Panel Per-impression page Rich ads advertising Prime Display view rate Major corporations (including video) Banner Others (Guarantee-based) *3 Banner ads Per-guaranteed period Premium Text ads rate, etc. Advertising Others (Guarantee-based) *3 Text Yahoo! Shopping Banner Yahoo! Shopping PR Option Conversion-based stores

*1 Includes In-feed advertising on timeline view pages. *2 Advertising that is programmatically or manually managed on a real-time basis to optimize advertisings effects *3 Advertising for which specific placement is reserved in advance 40 Definition of EC Transaction Value

YAHUOKU!

Shopping Yahoo! Shopping, Business LOHACO, Charm EC transaction value (sale of goods) ASKUL BtoB

EC transaction Other Yahoo! Tickets, Ouchi-Direct value (sale of goods)

Ikyu, Yahoo! Travel, O2O Yahoo! Dining EC transaction value (non-sale of goods) Other Fee-based digital contents (non-sale of goods)

41 Shopping Advertising Take Rate*1 and Percentage of Point-Reward Expenses*2 in Yahoo! Shopping

Shopping advertising take rate % of point-reward expenses

0 FY2016 FY2017 FY2018 FY2019 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

*1 Shopping advertising take rate = Shopping-Related Advertising revenue / Yahoo! Shopping transaction value *2 Point-reward expenses related to Yahoo! Shopping / Yahoo! Shopping transaction value 42 PayPay – Business Model Maximize the base and develop various earning pillars

O2O Ads Finance Yahoo Japan domain

Accumulate data+Increase balance

PayPay domain No. of merchants Online linkage/ No. of users No. of payments offline merchants

43 Transition to a Holding Company Structure through Company Split

Transition to a holding company structure for an expeditious promotion of business strategies

Until September 30, 2019 After October 1, 2019

Listed Listed Yahoo Japan Corporation Z Holdings Corporation

Management of the whole group New New company company Finance intermediate Yahoo Japan holding Corporation Operation and company development of businesses/services

44 Organization Chart of Yahoo Japan Corporation

As of the end of June 2019

President & Representative Director / CEO Board of Directors Business Promotion Group CFO Audit and Media Services Group (Chief Financial Officer) Supervisory Shopping Services Group Committee CTO Commerce Media O2O Services Group Company (Chief Technology Officer) Company Search Services Group (1,754) (2,314) YAHUOKU! Services Group CISO (Chief Information Security Officer) Payment Services Group Marketing Solutions Group Financial Services Group CDO (Chief Data Officer)

Technology Group(1,045) Corporate Group CSO System Management Group Finance Management Group (Chief Strategy Officer) Legal Management Group Data Group CCO People Development Group (Chief Conditioning Officer)

Science Group Social Responsibility Promotion Group Internal Audit Office

Note: Figures in parentheses are number of Services Management Group Policy Planning Group employees.

45 Consolidated Subsidiaries and Affiliates

As of the end of Jun. 2019

 Major consolidated subsidiaries ASKUL Corporation Astmax Asset Management, Inc. Carview Corporation CLASSIFIED Corporation Dynatech inc. eBOOK Initiative Japan Co., Ltd. GYAO Corporation Ikyu Corporation Passrevo Corporation The Japan Net Bank, Limited ValueCommerce Co., Ltd. YJ Capital Inc. YJ Card Corporation YJFX, Inc. Y’s Insurance Inc. Y’s Sports Inc. Z Corporation Incorporated

 Major affiliates BuzzFeed Japan Corporation CRITEO K. K. OYO TECHNOLOGY&HOSPITALITY JAPAN KK PayPay Corporation SRE Holdings Corporation (*former Sony Real Estate Corporation) 46